Iowa’s Individual Development Account (IDA) program is a successful public-private partnership. An IDA supplements the savings of low-income Iowans with matching funds drawn from private and public sources. IDAs help families save, build assets and achieve financial success.
Savers must deposit their own earned income in an account at a participating credit union. They must save for six months and complete financial education to receive matching funds.
The Iowa Legislature has been critical to the success of our state’s IDA program. In 2008 and 2009, the Legislature appropriated a total of $350,000 to the IDA program, which was then leveraged to bring in more than $1 million in other funds.
To date, nearly $1.4 million has helped Iowans who are saving to build their American dream. This could include saving for a car, major household appliances or even a first home. We’re investing in the continued success of Individual Development Accounts with $100,000 from this year’s Administration & Regulation Budget (SF 498).
Learn more about IDAs from the Iowa Credit Union Foundation at www.iowacreditunionfoundation.org.